Q1. “Cost Accounting is an aid to management.” Substantiate.
Q1. “Cost Accounting is an aid to management.” Substantiate.
Homework Answers
It is true that cost accounting is an invaluable aid to management because it helps the management by providing deatiled cost information which enables management to increase efficiency and reduce wastages .
Some benefits to management from cost accounting are as follows:-
(1)Inventory control :- Cost accounting helps the management in controlling raw materials ,WIP and finished goods.
(2)Eliminates wastages:-It provides detailed information of cost which helps in reducing wastages.
(3)Helps in making estimates:- It helps in estimating cost by analysing detailed information of cost.
(4)Helps in making comparisons:- It helps in comparing cost information with budgeted which helps management to take future economic decisions.
“Accounting is supposed to be an aid to management – accounting is not something to be done as an end in itself.” Explain the above statement based on your understanding.
“Accounting is supposed to be an aid to management – accounting is not something to be done as an end in itself.”a) Explain the above statement based on your understanding.
18. A budget A) is a substitute for management. B) is an aid to management. C)...
18. A budget A) is a substitute for management. B) is an aid to management. C) can operate or enforce itself. D) is the responsibility of the accounting department. 19. Accounting generally has the responsibility for A) setting company goals. expressing the budget in financial terms. c) enforcing the budget. D) administration of the budget. B)
Cost accounting Q1. Being a student of the managerial accounting course you are requested to analyze...
Cost accounting Q1. Being a student of the managerial accounting course you are requested to analyze the financial statements of any company you may choose by using financial ratios covering profitability, solvency, efficiency and liquidity aspects and based the results of the performance kindly conduct SWOT analysis for the analyzed company. Q2 .Give a numerical example for explaining how is the flexible budget prepared.
A student planning a management wondered why it was important to learn cost and management accounting....
A student planning a management wondered why it was important to learn cost and management accounting. How would you respond? Give examples to support your point of view. career in business some
1) What are some of the limitations of cost accounting. 2) Management accounting provides economic and...
1) What are some of the limitations of cost accounting. 2) Management accounting provides economic and financial information for external users such as shareholders, creditors and banks. True/ False 3) Financial accounting provides information for managers and other internal users. True/ False 4) What are the inventoriable of a merchandising g business
Management Accounting - It would be highly appreciated if someone could aid me in approaching this...
Management Accounting - It would be highly appreciated if
someone could aid me in approaching this problem.
TuTu Ltd. is a global manufacturer of engines for trucks. Because of high quality of engines, TuTu has enjoyed a decent profit margin for the past fifteen years. Due to the growing environmental concerns, TuTu expanded its core product market of traditional engines (TA-01) to include two types of engines (HB-02 and ET-03) for hybrid and electric trucks in 2016. The firm believes...
Auditors will perform an analysis of leases using FASB’s Codified Standards (ASC) criteria to substantiate the accountin...
Auditors will perform an analysis of leases using FASB’s Codified Standards (ASC) criteria to substantiate the accounting treatment. True False
The purposes of managerial accounting are to provide useful information to aid in:
The purposes of managerial accounting are to provide useful information to aid in:reviewing post activities.determining costs of products and services.determining costs of employee wages and salaries.comparing actual to planned results.
"Management accounting deals only with costs. Do you agree? Explain. O A. Yes Management accounting only...
"Management accounting deals only with costs. Do you agree? Explain. O A. Yes Management accounting only measures, analyzes and reports financial and nonfinancial information relating to the costs of acquiring or using in an organization OB. No Management accounting only analyzes the manufacturing of products for customers in order to assess product and customer profitability O C. No Management accounting does not use cost information, it only records financial activities of the company in accordance with GAAP OD. No. Management...
Q1. a. Why is national income equal to GDP? b. Briefly explain, with the aid of diagrams, the aggregate demand and aggre...
Q1. a. Why is national income equal to GDP? b. Briefly explain, with the aid of diagrams, the aggregate demand and aggregate supply model? c. What is "less than full employment" national income equilibrium? d. Which two principal macroeconomic policies might be applied to achieve full employment equilibrium? e. Explain, with the aid of diagrams, how the policies in (d. above) might be applied. f. Explain, with the aid of diagrams, the consequences of an excessive macroeconomic stimulus.
18. A budget A) is a substitute for management. B) is an aid to management. C) can operate or enforce itself. D) is the responsibility of the accounting department. 19. Accounting generally has the responsibility for A) setting company goals. expressing the budget in financial terms. c) enforcing the budget. D) administration of the budget. B)
Management Accounting - It would be highly appreciated if
someone could aid me in approaching this problem.
TuTu Ltd. is a global manufacturer of engines for trucks. Because of high quality of engines, TuTu has enjoyed a decent profit margin for the past fifteen years. Due to the growing environmental concerns, TuTu expanded its core product market of traditional engines (TA-01) to include two types of engines (HB-02 and ET-03) for hybrid and electric trucks in 2016. The firm believes...
"Management accounting deals only with costs. Do you agree? Explain. O A. Yes Management accounting only measures, analyzes and reports financial and nonfinancial information relating to the costs of acquiring or using in an organization OB. No Management accounting only analyzes the manufacturing of products for customers in order to assess product and customer profitability O C. No Management accounting does not use cost information, it only records financial activities of the company in accordance with GAAP OD. No. Management...
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